People become landlords in a number of different ways. Whether you’ve moved out of a home you once lived in, you’ve inherited a property that you’ll turn into a rental, or you’ve intentionally invested in residential real estate in order to earn some hot returns, you need to decide whether you’re going to manage the property yourself, or hire a Chula Vista property management company.
If you have the time, knowledge, and personality that’s required to manage the home on your own, there are many good reasons to do that. However, if you’re already busy with a full-time job or family responsibilities and you’re not sure about the landlord and tenant laws in California, hiring a Chula Vista property manager to take care of the home for you will protect your interests and increase what you earn on your property.
Leasing and Screening Tenants
Professional property management is especially important when you’re placing a tenant in your rental property. Before you can even start the marketing process, you’ll need to understand the rental market so you can price your home correctly. Then, you’ll need to know where to reach the most promising tenants. You’ll have to spend some time placing ads online and creating professional signs to put in your yard. When prospective tenants call, you’ll need to make time to answer their questions and schedule showings for your property. When your property is vacant, you’ll spend a lot of time getting it leased.
The tenant screening process must comply with all fair housing laws. It also must be thorough so you are sure you’re placing the right tenant. If you don’t screen your tenants rigorously, you could wind up having to chase down late rent every month, repairing property damage that was left behind, or possibly evicting tenants who are not paying or are violating the terms of your rental agreement. Professional property managers know exactly what to look for when they’re screening tenant applications and they have the tools and resources to run national background and eviction checks.
Maintaining Your Rental Property
Do you have a plumber you can call at 3:00 a.m. when your tenant calls to report a leak? If you do, self-management might be just fine for you. If you don’t, you’ll want to access the services of a professional management company. To effectively maintain your home and protect its condition, you’ll need to have a maintenance plan in place, as well as a budget. You’ll need great relationships with professional vendors who are licensed and insured, and you’ll need to make sure you aren’t losing money on deferred maintenance or overpriced contractors.
With a professional property manager handling your maintenance, you can take advantage of the preferred pricing that most vendors give to professional management companies. The volume of work we provide to vendors allows our clients to save money on small repairs and major projects. Your response to maintenance has a large impact on whether you’re able to retain good tenants, so make sure you’re available and accessible when tenants run into problems.
Many owners worry about the cost of monthly property management. However, you actually end up saving money when you work with a professional Chula Vista property management company. You’ll lose less money on vacancies and turnovers, you’ll get your rent paid on time, and you’ll know that the value of your asset is increasing. You also won’t have to worry about expensive lawsuits and tenant disputes over security deposits, habitability issues, and fair housing concerns.
If you have any questions about the benefits of hiring a Chula Vista property management company, please contact us at Encore Realty. We’d be happy to tell you more.
